Why Investing in Ohio Real Estate in 2023 Can Secure Your Financial Future: Potential Appreciation and Tax Benefits
Advantage Group - eXp Realty
Serving Northeast Ohio | Exceptional home buying and selling experiences.
Investing in a home is a major decision that can have many long-term benefits. One major advantage of investing in a home is the potential for long-term appreciation, which has been particularly notable in Ohio's real estate market in recent years.
According to the Ohio Realtors Association, home sales and prices have been steadily increasing in the state over the past few years. In 2022, the average sales price of a home in Ohio was $241,945, up 15.5% from the previous year. This trend is expected to continue into 2023, with a projected increase of 5-6% in home prices.?
One reason for this growth in home values is the limited housing supply in desirable areas of Ohio, such as Columbus and Cleveland. As more people move to these cities for employment opportunities and high quality of life, the demand for housing has increased, driving up prices.?
In addition to potential appreciation, investing in a home in Ohio also offers stability and security. As interest rates have remained low, many homeowners have taken advantage of refinancing options to lower their monthly mortgage payments and increase their equity. This has also made it an attractive time for first-time homebuyers to enter the market.
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In 10 of the 15 markets tracked throughout the state, average prices grew or stayed the same compared to January 2022. In addition, all but one of the local markets showed a decrease in sales activity from the previous year.
Furthermore, owning a home in Ohio can have tax benefits. According to a recent report by SmartAsset, Ohio has some of the lowest property tax rates in the country, with an average effective property tax rate of just 1.41%.
In conclusion, investing in a home in Ohio can offer many advantages, including potential appreciation, stability and security, and tax benefits. As the state's real estate market continues to grow, it's an exciting time for homeowners and prospective buyers alike.